GP posts 40pc profit growth in Q2

The net profit of leading mobile phone operator Grameenphone grew by 40.12 per cent in the second quarter (April-June) of this year compared with that in the same period of last year.According to a statement issued by GP on Monday, the comprehensive profit of the entity in the April-June quarter of 2018 increased by Tk 317.97 crore to Tk 1,080.44 crore compared with Tk 792.47 crore in the same period of last year.Earnings per share of GP rose to Tk 8 from Tk 5.87, it said.The quarterly revenue of the operator inched up by Tk 16.22 crore to Tk 3,257.5 crore from Tk 3,241.28 crore.A GP official said cost minimisation moves along with notable data revenue growth were the reasons for the operator’s significant growth in profit in the second half of this year despite a slow revenue growth.Half-yearly earnings of the mobile phone operator posted 18.75 per cent, or Tk 271.71 crore, growth in the January-June period of 2018 compared with that in the same period of the previous year.GP’s comprehensive income increased to Tk 1,719.87 crore with Tk 12.74 EPS in January-June period of this year from Tk 1,448.16 crore with Tk 10.72 EPS in the same period of 2017.Grameenphone, however, reported 1.2 per cent revenue growth in the first half of the year taking total revenue to Tk 6,381.85 crore, whereas the operator’s revenue was Tk 6,303.5 crore in the same period last year.Although the data revenue in the first half grewby 21.1 per cent, voice revenue growth posted marginal 2.4 per cent growth.‘First half of 2018 was challenging due to adverse effect from bad weather and ongoing competition intensity,’ said Grameenphone chief executive officer Michael Patrick Foley.‘Despite this, we were able to report healthy growth and margins,’ he said.‘We crossed the 2 million 4G subscriber milestone and our network rollout as well as modernisation plan is on track to deliver superior customer experience. Our consolidated voice and competitive data offers are creating positive traction in the market,’ Foley said.The board of directors of GP announced 128 per cent interim cash dividend for the year of 2018.